I'm still holding out hope that
Westernesse will be completed (the author's father fell ill I think three years ago now; I think maybe two years ago he explained that he was now receiving paying projects which were taking up most of his time), but it's more
estel than
amdir at this point.
You're absolutely right that
Young Master Frodo, The Scamp of Buckland (working title) would be a lot more accessible than the troves of fanfic lurking on the internet, but there would still have to be points of comparison, just as you can see that Jackson borrowed some of his screenshots from Bakshi and some of the plot-workings from Sibley/Bakewell. What I would be most interested in is whether the people involved in writing the project would come to the same conclusions as most of the fanauthors (who are often very derivative of one another and are thus prone to create "fanons" which take on the appearance of canon-friendliness simply because so many people adhere to them) independently.
I don't know if
Mac had any actual ideas about the project or was just expressing a wish as a potential viewer, but despite my fanfic fatigue I do think that most of the fanons surrounding Young Frodo actually have a pretty good basis grounded in logic and canon (I'd be more appreciative of them if authors wouldn't stick to them all the time, but that's another story) and that a filmmaker would, absent other information, derive them on his or her own. But then you run into the problem of plagiarism (Dissertation Student: WHAT DO YOU MEAN IT'S BEEN DONE ALREADY?), and do authors of fan fiction who post things publicly and not-for-profit and often derive their work from one another have the same intellectual property rights as, say, academic writers?
Which is why I'd personally avoid the whole kettle of worms. Though if someone else were to make the movie, I'd definitely go and see it--especially if Frodo looks nothing at all like that Pretty Boy who played him in Jackson's films.